Committee's decision on Telescan

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| Source: NASDAQ OMX Tallinn
multilang-release

Tallinn, Estonia, 2014-07-09 16:18 CEST (GLOBE NEWSWIRE) --  

On July 9, 2014, the Listing and Surveillance Committee of NASDAQ OMX Tallinn decided to give a warning to Telescan AS for violation of First North Requirements (hereinafter FNR) clauses 23.1, 23.10, 25.1, 28.1, 28.2 ja 29.1.

Background:

According to FNR clause 23.1 the Issuer is obliged to disclose information that may affect the price of the financial instrument or the ability of the Issuer to fulfil the rights attached to the financial instrument and arising from these Rules (hereinafter the Substantial Information) in such a form and within such time limits as specified herein and by means as specified by the Exchange.

According to FNR clause 23.10 if the situation or events pertaining to information already disclosed by the Issuer have changed, the Issuer shall submit, without delay, a notice to the Exchange regarding such changes.

According to FNR clause 28.1 the Issuer has the obligation to, immediately, disclose information about a resolution to call a shareholders meeting, its date, place, the agenda of the meeting and other circumstances. If an extraordinary shareholders meeting is called, the Issuer shall also provide the reasons and initiators of the extraordinary shareholders meeting in its disclosure.

According to FNR clause 28.2 the Issuer shall, immediately, however, not later than the next business day after the shareholders meeting, disclose all resolutions adopted at the meeting.

According to FNR clause 29.1 the Issuer has the obligation to, without delay, disclose information regarding decisions to propose to the shareholder meeting making changes to the Issuer’s share capital and notify regarding calling the shareholders meeting at which the changes will be discussed.

According to FNR clause 25.1 in interpreting these Rules, information shall be deemed disclosed when it is disclosed as a notification by means of the Information System of the Exchange. The information should be provided simultaneously to the Certified Adviser.

On February 13, 2014, Telescan AS published Exchange Announcement about the decision to increase share capital. The decision was taken on the extraordinary general meeting on February 12, 2014.

On February 13, 2014, the Issuer also submitted an application to the Exchange together with the respective shareholders’ decision in order to admit additonally issued shares to trading on MTF.

In addition, Telescan AS took necessary steps to register the capital increase in the Commercial Register. On April 3, 2014, the Exchange became known that the Commercial Register has registered aforementioned capital increase based on the shareholders’ decision taken on March 12, 2014 (not February 12, 2014), although the issuer had not published announcement about the meeting or decisions made there.

 

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